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Changing Saving Withdrawal Fees

Answered by: 
John Burnett

Question: 
We are looking at changing our savings withdrawal fees from $1.00 to $5.00 per month, after six withdrawals. Will we need to send these changes to our customers at least 30 days prior to the date of these changes? I know Reg DD covers DDA's, but I need guidance on savings.
Answer: 

It is true that Reg DD covers DDA accounts, but, it also covers other consumer deposit accounts, such as savings, MMDA, and time accounts. In short, it covers all deposit accounts if the depositor is a consumer. You must notify your affected depositors at least 30 days prior to implementation of the higher fees. Refer to 12 CFR 230.5(a).

First published on BankersOnline.com 2/13/06

First published on 02/13/2006

Filed under: 
Operations
Filed under operations as: 
Deposit Accounts
Fees
IT

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